SE Asia Stocks-Largely down ahead of U.S. jobs data; Philippines up

Redacción de Reuters

4 MIN. DE LECTURA

By Krishna V Kurup
July 8 (Reuters) - Most Southeast Asian stock markets fell
on Friday in line with Asian shares ahead of the key U.S jobs
data later in the day, while the Philippines rose slightly on
bargain-hunting.
The employment report is expected to show solid job creation
in June, but worries over the world economy following Britain's
vote to leave the European Union and a deepening crisis in
Italian banks continue to sour investor sentiment globally.
Strong payrolls data is likely to spark fresh speculation of
a U.S. rate increase later this year, but it would also trigger
a fresh round of currency weakness and likely policy tightening
in emerging markets.
If the data comes out to be "spectacular", and if global
markets continue their upward momentum, then the U.S. Federal
Reserve may consider raising rates, probably by the end of the
year, which will weaken sentiment in local markets, said Manny
Cruz, an analyst with Manila-based Asiasec Equities Inc.
Singapore shares fell 0.5 percent, dragged down by
oil and gas stocks after a 5 percent fall in global crude prices
overnight.
Though oil prices recovered in Asian trading on Friday from
the two-month lows hit in the previous session, benchmark Brent
was in line for its largest weekly decline since January.
Keppel Corp Ltd lost nearly 1.8 percent, while
Sembcorp Industries Ltd dropped 0.7 percent.
Vietnam shares fell 0.4 percent, with energy stocks
including Petrovietnam Gas Joint Stock Corp leading the
losses.
After recent gains, "the market may undergo some
consolidation", said Nguyen Thanh Lam, deputy research manager
of Maybank Kim Eng Securities in Vietnam.
Vietnam's economic growth in 2016 is expected to slow to
6.2-6.3 percent, as export and industrial output growth is
projected to fall short of target, a government official
said.
Bucking the trend, Philippine shares closed 0.2
percent higher, helped by financial stocks. SM Prime Holdings
Inc rose 1.5 percent.
Investors were "bargain-hunting", as they saw an opportunity
to invest after Thursday's fall, Cruz said.
MSCI's broadest index of Asia-Pacific shares outside Japan
was down 0.3 percent at 0900 GMT, down nearly 1
percent so far this week.
Indonesia was closed on Friday for Eid-al-Fitr.
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SOUTHEAST ASIAN STOCK MARKETS
STOCK MARKETS
Change on day
Market Current Prev close Pct Move
Singapore 2847.04 2862.17 -0.53
Bangkok 1455.65 1456.72 -0.07
Manila 7771.52 7753.46 0.23
Kuala Lumpur 1644.54 1650.71 -0.37
Ho Chi Minh 658.68 661.12 -0.37
Change on year
Market Current End 2015 Pct Move
Singapore 2847.04 2882.73 -1.24
Bangkok 1455.65 1288.02 13.01
Manila 7771.52 6952.08 11.79
Kuala Lumpur 1644.54 1692.51 -2.83
Ho Chi Minh 658.68 579.03 13.76
(Reporting by Krishna V Kurup in Bengaluru; Editing by
Subhranshu Sahu)